The Goods and Services Tax Network (“GSTN”) has introduced a new tab, Rule-86B, which restricts the use of the amount available in the Electronic Credit Ledger. Under this rule, a 99% restriction is imposed on the Input Tax Credit (“ITC”) available in the Electronic Credit Ledger of a Registered Person. This implies that 1% of the output liability must be paid in cash. The limitation is applicable when the value of taxable supply, excluding exempt and zero-rated supply, in a month exceeds Rs. Fifty Lakh Rupees.
Source #GST Portal
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📢 FREE Webinar on “Blockchain and Virtual digital asset with overall taxation implications including GST” by CA Riddhi Jain & Adv (CA) Bimal Jain
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🔖 A2Z Academy is Organizing a FREE Webinar On: 📢“Blockchain and Virtual digital asset with overall taxation implications including GST” 🗓️ Date: August 04, 2023, Friday ⏰ Time: 8:00 PM to 9:00 PM (IST) 🎤 Speakers: 👨🏻🏫 CA Riddhi Jain 👨🏻🏫 CA (Adv) Bimal Jain Registration Link 🔗: https://zoom.us/webinar/register/WN_Kbvufgm6TyW-avGx6_3mfw Coverage: ✔️ What is the current legal status of virtual digital assets in India? Limited seats available Follow us on our social media for more updates: |